Bitcoin has declined for three consecutive days, now trading near $117,000 following a peak at $122,120. This downturn indicates a pause in the previous bullish momentum originated from mid-June. Economic indicators paint a mixed picture, with strong CPI and retail sales alongside a decline in PPI, suggesting easing inflation. As inflation remains above the Federal Reserve's target, expectations for a rate cut diminish. Moreover, global geopolitical risks, particularly in the Middle East and the U.S.-China relationship, create further uncertainty. Even so, institutional interest in Bitcoin remains strong, particularly through spot Bitcoin ETFs, providing a supportive factor for its long-term outlook.
Bitcoin has just recorded its third consecutive daily decline and is currently trading around the $117,000 level, marking a pullback after a new all-time high at $122,120.
Despite short-term technical pullbacks, Bitcoin continues to be supported by solid institutional inflows, particularly via spot Bitcoin ETFs, which shows sustained institutional interest.
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